An overseas bank account for US citizen is by definition a foreign bank account outside the United States abroad in favor of an American citizen who would like an offshore bank account without being resident.
An overseas bank account for American citizen has the objective to respond to the needs for US citizen who wish to transfer financial assets our of the United States to overseas country for several reasons which enter a legal context.
An Offshore bank account for US citizen is a legal option for any American bank account opener to proceed with deposits with foreign banks abroad in so called off shore territories which use in the past to block any access to information for the American authorities in country like Switzerland, Luxembourg, Lichtenstein, Singapore, Panama, Cayman Islands or Belize).
An Offshore bank account for American citizen is not offshore anymore given the global regulatory changes which have taken place recently, affecting all countries which used to be a tax heaven for every one particularly US citizens.
An overseas bank account for US citizen is still feasible, however trying to open an account abroad t hide money is now an impossible mission, given that worldwide foreign and American banks abroad have to comply with the Foreign Account Tax Compliance Act (FATCA) which requires foreign banks to report the IRS (US Internal Revenue Service) details about American bank account holders.
Internal banks abroad regarding US citizens are committed to inform the US Treasury about their account numbers, their balances, name, addresses, as well all identification numbers of American bank account holders.
An overseas bank account which shows an amount of assets higher than USD 10,000 must be declared by any US citizen to the IRS and mentioned on income tax returns and on FinCEN Form 114, if not the bank abroad will do it anyway via the obligatory FATCA form.
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